Tuesday, November 23, 2010

MOIL IPO To Open on Nov. 26

MOIL's 3.3-crore shares initial public offering will open on November 26 and will close for institutional bidders on November 30 and for other investors on December 1.MOIL was the largest producer of manganese ore by volume in India in Fiscal 2008 (Source: Indian Bureau of Mines, Indian Mineral Yearbook 2008). Its production of manganese ore increased from 864,890 tonnes in Fiscal 2006 to 1,093,363 tonnes in Fiscal 2010.

It currently operates seven underground mines (Kandri, Munsar, Beldongri, Gumgaon, Chikla, Balaghat and Ukwa mines) and three opencast mines (Dongri Buzurg, Sitapatore/Sukli, and Tirodi). Manganese ore is primarily used to make ferro-alloys for steel production.

Company will not receive any proceeds from the offer and all proceeds shall go to the selling shareholders (Central govt; Maharashtra and MP govt). In other words, money raised through this IPO is not going to be used for any kind of business expansion or company specific activity but government wants to liquidate their stake in MOIL and so the planned IPO.

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